Sometimes it is not so easy to see potential – in people, relationships and even oneself. This is unfortunate because so much potential remains untapped that could possibly be realized with some additional focus.
Is my business reaching its potential?
Good question. Perhaps the best way to get to this answer is to ask a series of additional hard questions such as:
- Is my business hitting the revenue and margin targets I expected?
- Are my clients living up to their contract commitments?
- Am I delivering 100% of the value proposition I promise to my clients?
- Are my clients growing? If so, am I contributing to that growth? If not, am I contributing to that as well?
- Are my clients giving portions of their business to competitors even though they have a relationship with me?
- Do I know what we do right and what we need to work on? And if so, have we made real progress on our deficiencies?
Nobody is perfect and thus we all have areas where honesty will reveal potential.
So how can we get practical in unlocking this potential:
- Start right and move forward
You know the adage “measure twice and cut once”. Well, think about the resources it requires to go back and fix something vs. investing in the upfront diligence. Apply as you see fit but this is germane for every function in the organization. Make the beginning of anything a quality piece of work and perhaps you won’t have a middle or end!
- Empathy is strength
It takes a lot of confidence to look at a situation, issue or even a behavior from someone else’s reality. When it is utilized, however, the insight is invaluable.
When we add value to anything it is typically because we solved a problem within another’s “operating reality” – seeing problems and opportunities through their eyes. The trick is to CONTINUE to stay in this view.
- Here it comes again: Why not sell more to our current (happy) clients?
The probability of winning a deal within an existing client is 70% versus <20% win probability to a brand-new client (Bain & Co). It’s also 6 – 7 times less expensive to sell more to an existing account than to sell that same amount to a new client (Bain & Co). This is not just a sales function tactic. This is an operational and profit enhancement strategy which impacts valuation!
- A year from now you may wish you had started today.
What if…we took a fresh look at some of our realistic potential and see what is available. Why not start on them today and enjoy the fruit of our labor!!
There are plenty of places to start, so let’s take advantage of what is right in front of us!